A power of attorney is employed to delegate legal power to another person. The key (anyone granting the power of attorney) gives the agent, also known as the attorney-in-fact, the power to create appropriate decisions on his/her behalf, including handling bank accounts, property, and other assets. The potential for fraud exists in every power of attorney agreement, through illegal gifting, and home working, embezzlement. Check Out Small Business Attorney Illinois contains extra information about where to see about it. In certain situations, an estate will be significantly depleted by a power attorney holder, leaving the heirs of the principal with little or no inheritance. Different ways where a power of attorney might be abused contain changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay on death terms in favor of the agent. The creation of a power of attorney may be questioned under the grounds of insufficient ability or that the creation did not follow proper formalities. Reasons may possibly exist to sue the agent for the return of embezzled home or for monetary damages, In case a validly granted power of attorney is abused by the agent. The principal can sue the agent directly, if the principal is still living at the time of the action. In many situations, the power of attorney abuse is part of a larger pattern of elder abuse. When the key has died by the time the power of attorney punishment has been identified, the principal’s estate or the intended beneficiaries of the home might be ready to sue the agent for breach of fiduciary duty, tortious interference with estate planning, or several of other causes of action. Due to the potential for abuse with a power of attorney, their use must be limited. Browse here at the link investment fraud lawyer illinois info to discover how to allow for this belief. Several persons creating a power of attorney may keep the instrument with the drafting attorney until the conditions initiating the activation of the power have already been induced, such as for example the inability of the principal..Joseph H. Spiegel PLLC825 Victors WaySte. 300Ann Arbor MI 48108